1. Field of the Invention
The present invention generally relates to a system and method for generating and tracking field values used in mortgage forms.
2. Description of Related Art
Mortgage information is gathered at various times throughout the mortgage application and closing processes. However, typically mortgage information is gathered and used by different entities at different times during the process. For example, the loan originator may be a different entity from the lending institution. In addition, many lending institutions will utilize the services of a closing agent, such as a title company, to close the transaction between the borrower and the lender. Currently, there is no good way to coordinate the passing of information between these entities. In addition, the information required on the forms often requires complex calculations, combinations of underlying information, and may change over time. For example, in calculating a good faith estimate (GFE), the method of calculating taxes and fees may vary significantly based on jurisdiction. Further, the taxes may change between the time the loan is originated and the time of closing. If this happens, the customer may need to be notified within a certain time period and prior to the actual closing of the loan. If these changes and errors are not identified timely, the lending institution may incur significant additional costs.
In view of the above, it is apparent that there exists a need for an improved system and method for generating and tracking field values of mortgage forms.